Executive Summary

Q3 2025 revenue was $0.53M and diluted EPS was -$0.04, with revenue and EPS both missing Wall Street consensus; revenue declined year over year due to lower license royalty revenue linked to Alnylam’s ONPATTRO sales .
Operating discipline sharply reduced OpEx (R&D $5.8M; G&A $3.0M) and narrowed net loss to $7.7M from $19.7M YoY; cash, cash equivalents and marketable securities ended the quarter at $93.7M .
Clinical updates strengthened the imdusiran narrative: 46% of Phase 2a patients met criteria to discontinue all treatment and 94% of those in long-term follow-up remained off therapy for up to 2+ years; AB-101 showed strong PD-L1 occupancy and was recognized with a Poster of Distinction at AASLD .
Litigation milestones remain tangible catalysts: favorable claim construction in the Pfizer/BioNTech case (Sept 2025), with the Moderna U.S. trial scheduled for March 2026 .

What Went Well and What Went Wrong

Cost structure reset: R&D fell to $5.8M (from $14.3M YoY) and G&A to $3.0M (from $4.5M), materially narrowing net loss and improving cash runway optics .
Clinical durability and breadth: “In total, a combined 46% of all Phase 2a patients were able to discontinue all treatment… 94% of those follow-up patients have remained off all treatment for between 58 to 109 weeks,” with functional cures persisting and HBV DNA suppressed below quantification .
Strategic positioning: CEO emphasized disciplined execution and acceleration plans for imdusiran development—“We remain dedicated to accelerating the development and potential approval of imdusiran” .

Top-line pressure: Q3 revenue of $0.53M declined YoY on reduced license royalty revenues primarily due to lower ONPATTRO sales (Alnylam), highlighting low near-term revenue visibility .
Estimates miss: Revenue and EPS came in below consensus, exposing sensitivity to small base effects and non-recurring revenue tailwinds seen in Q2 .
Restructuring timing extended: Remaining restructuring-related payments now expected to be made by Q1 2026, later than the H2 2025 expectation indicated earlier, limiting near-term cash burn relief optics .

Metric	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$1.339	$1.764	$10.739	$0.529
Diluted EPS ($USD)	-$0.10	-$0.13	$0.01	-$0.04
Net Loss ($USD Millions)	-$19.717	-$24.526	$2.523	-$7.742
Research & Development ($USD Millions)	$14.273	$8.959	$5.498	$5.778
General & Administrative ($USD Millions)	$4.537	$5.832	$3.328	$3.044

Revenue breakdown

Revenue Component ($USD Millions)	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Collaborations and licenses	$0.767	$1.316	$10.213	$0.280
Non-cash royalty revenue	$0.572	$0.448	$0.526	$0.249
Total Revenue	$1.339	$1.764	$10.739	$0.529

KPIs

KPI	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Cash, cash equivalents & marketable securities ($USD Millions)	$122.6 (FY end reference)	$112.7	$98.1	$93.7
Shares outstanding (Millions)	189.0 (weighted avg)	191.5 (period-end)	191.6 (period-end)	192.0 (period-end)

Notes: Margin metrics (gross, operating) are not applicable for development-stage profiles with minimal product revenue.

Metric	Period	Previous Guidance	Current Guidance	Change
Restructuring-related payments timing	H2 2025 vs. Q1 2026	“All remaining restructuring-related payments are expected to be made in the second half of 2025”	“All remaining restructuring-related payments are expected to be made by the first quarter of 2026”	Extended timeline (later)
Revenue guidance	FY/Qtr	Not provided	Not provided	Maintained (none)
OpEx guidance	FY/Qtr	Not provided	Not provided	Maintained (none)
Tax rate, OI&E, dividends	FY/Qtr	Not provided	Not provided	Maintained (none)

No Q3 2025 earnings call transcript was located; themes are derived from Q1, Q2, and Q3 earnings materials.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Imdusiran functional cure/discontinuation	8 functional cures; baseline HBsAg <1000 IU/mL associated; combination regimens (IFN, VTP-300 ± low-dose nivolumab)	46% of Phase 2a patients achieved functional cure or remained off NA therapy ≥48 weeks; 94% long-term follow-up remain off therapy; continued HBV DNA suppression	Strengthening durability and breadth
AB-101 PD-L1 oral inhibitor	100% RO in 11/13 healthy volunteers at 40mg; early patient data; generally well tolerated	Poster of Distinction; dose-related RO, e.g., 68–100% at 30mg; well tolerated	Advancing with favorable safety/PD
Litigation (Moderna, Pfizer/BioNTech)	Summary judgment phase starting July 2025; trial scheduled Sept 2025 (later reassigned; updates ongoing)	Favorable claim construction vs Pfizer/BioNTech; Moderna U.S. trial scheduled for March 2026; international cases in 2026+	Clearer timelines; positive legal development
Corporate restructuring	Workforce reduction; discovery ceased; HQ exit; restructuring costs concentrated Q1	Extended payment timing into Q1 2026	Timing extended
Revenue drivers	Deferred revenue recognition from Qilu unwind drove Q2 spike	Decline in license royalty revenue impacts Q3; minimal recurring revenue	Volatile; non-recurring drivers

“The strength of our third quarter performance reflects our disciplined focus on executing strategic priorities… We remain dedicated to accelerating the development and potential approval of imdusiran.” — Lindsay Androski, President & CEO .
“Once again holding global rights for imdusiran… were two important steps taken this quarter in our quest to drive long-term value…” — Lindsay Androski (Q2 release) .

No formal Q3 2025 earnings call transcript was available; therefore, no Q&A disclosures were found for this quarter [ListDocuments returned none].
Clarifications embedded in the release: revenue decline tied to lower license royalty revenue (ONPATTRO) and restructuring payment timing extension to Q1 2026 .

Values retrieved from S&P Global.
Number of estimates: Revenue (4); EPS (4); Target Price (3)*.

Performance vs consensus:

Operating reset is working: materially lower R&D and G&A drove a sharply narrower net loss; this underpins cash runway of $93.7M at quarter-end .
Near-term revenue remains limited and volatile; absent Q2’s deferred revenue recognition, ABUS relies on small license royalty flows (subject to ONPATTRO variability) .
Clinical momentum in imdusiran is the core equity driver: higher rates of treatment discontinuation and sustained off-therapy durability are increasingly compelling .
AB-101’s oral PD-L1 profile continues to de-risk with strong receptor occupancy and acceptable tolerability—an attractive component in combo regimens .
Legal overhangs double as potential catalysts: favorable claim construction vs Pfizer/BioNTech and the March 2026 Moderna trial timeline frame optionality and event risk .
Watch for development path clarity (Phase 2b imdusiran) and any partnering updates that could bolster funding and external validation .
Tactical view: estimates misses on low revenue base may pressure shares short-term, but ongoing clinical durability data and litigation milestones could drive periodic re-rating events .